Bank First Savings Accounts

bank first

Bank First is a provider of savings accounts, as well as other banking solutions such as travel and foreign exchange services, loans, insurance, superannuation and financial planning.

Compare Bank First savings accounts 

Considering a savings account from Bank First? The table below displays a snapshot of Bank First savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

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What savings accounts does Bank First offer?

Bank First offers the following savings accounts at the time of writing:

First Home Bonus Saver

Aimed at those saving for a home, the First Home Bonus Saver offers bonus interest each month you make deposits totalling a minimum of $100 and make no withdrawals. Holders of this account can receive $600 cash back and have the establishment fee waived if they take out a home loan with Bank First.

Bonus Saver

Offers bonus interest each month when you make at least one deposit of $1 or more, and make no withdrawals.

Online Saver

Offers a higher interest rate when you keep a balance of $2,000 or more.

First Saver

Available to customers who are under 18, this account is designed to teach children about saving money.

You can view the current interest rates on Bank First savings accounts in our comparison tables.

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Do Bank First savings accounts require a linked transaction account?

No, Bank First does not require linked transaction accounts for its savings accounts.

You can compare transaction accounts with Canstar to potentially find one that suits your requirements.

Does Bank First charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Bank First charges fees for certain types of transactions on its savings account at the time of writing (17/09/18). 

For current information on all fees and how they apply, please check the Product Disclosure Statement.

What does Bank First offer in terms of mobile banking for savings accounts?

Bank First offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Bank First’s mobile banking include:

  • Check your balance and view latest transactions
  • Transfer funds, schedule payments and pay bills
  • Access a range of financial calculators

How to apply for a Bank First savings account

Before applying for a Bank First savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Bank First savings account online, provided you have the correct documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number

Once your account is opened, Bank First may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Related article: How to change bank accounts

Eligibility requirements

Before applying for a Bank First savings account, you will also have to meet the following eligibility requirements:

  • For the First Saver account, you must be aged 17 years or younger
  • All others you must be over 18 years of age

What other banking products does Bank First provide?

Bank First provides a variety of different products to consumers, including:

  • Transaction accounts
  • Credit cards
  • School accounts
  • Preschool accounts
  • Loans
  • Insurance
  • Superannuation

About Bank First

Bank First was founded in 1972 as Victoria Teachers Mutual Bank, initially offering financial products to members of the education sector in Victoria. Today, Bank First claims to havce over 100,000 customers and is worth more than $2 billion.

Bank First is a customer-owned banking institution and a member of COBA (the Customer Owned Banking Association).

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Written by: Maddie Clarey | Last updated: July 3, 2018